How tough is it to code a blockchain?

Wednesday, 27 October 2021 14:37

By Unicsoft

COMPANY NEWS: Talking about how to quickly implement a simple custom blockchain development, I believe that friends already have a basic understanding of this. We then refactored on that basis and added a hotly debated technology - implementing the Proof of Stake code.

Before we start implementing it, let's get to know it.

Consensus Mechanism.
Verification of Work (PoW) and Proof of Rights and Interest (PoS).
PoS implementation.
Test race.

The unique security and encryption features of blockchain technology make it an ideal testing ground for the Internet of Things (IoT).

Simply put, in today's implementation of proof of work blockchain, in most cases, the accepted way is that the node calculates a random hash value according to a certain rule number, which node is calculated first, you can compete for the right to keep records. To get the correct value, the ability to generate blocks is a specific manifestation of the processing power of a node, which is proof of congestion.

Despite the huge advantages of blockchain technology, it can in no way be considered a magic wand, since any transactions, and especially those involving large amounts of money, can be tracked by hackers. Another problem is the decentralized nature of the blockchain. Instead of passwords, keys are used that directly control users. If a key is lost, then everything associated with that private key is also lost. And if the private key is stolen, the attacker gains full access to all digital assets controlled by that private key. The security of private keys is important, and many users rely on secure hardware to store the keys.

Considering that the potential of blockchain is very promising, the company is more than ever required to adopt the cybersecurity standards published by the joint IEC and ISO technical committee (JTC 1) for critical infrastructure from external attacks. To their ISO / IEC 27000 series of security standards for information security systems, developed by ISO / IEC Technical Subcommittee JTC 1 / SC 27, Information Security Techniques.

Consensus Mechanism

Before implementation, let's first understand the concept of blockchain, the "consensus mechanism".

The so-called "consensus mechanism" consists in completing the verification and confirmation of the transaction in a very short time by voting by special nodes; for a transaction, if several nodes with irrelevant interests can reach a consensus, we can consider the entire network. A consensus can also be reached on this. As a data structure that stores data in chronological order, blockchain can support various consensus mechanisms. The purpose of the blockchain consensus mechanism is to enable all honest nodes to maintain a consistent view of the blockchain supply chain while respecting two properties:

Consistency. The prefix part of the blockchain stored by all honest nodes is exactly the same.
Efficiency. The information posted by an honest node will eventually be written to its own blockchain by all honest nodes.

Today's blockchain consensus mechanisms can be divided into four categories: workload confirmation mechanism, fairness confirmation mechanism, shared authorization confirmation mechanism, and pool verification pool.

What are the risks?

So far, blockchain technology is little known to Ukrainians. But in the future, subject to the necessary conditions and the adoption of the necessary bills regulating business relations in the field of high technologies, it can become a real breakthrough for the agro-industrial complex.

But here it is important to consider the possibility of fraud against the background of developing innovation. So, recently, information about the Lithuanian startup Prodeum appeared on the network. They promised to develop a new coding for vegetables and fruits aPLU (price reference). The essence of the project was that thanks to the use of the popular Ethereum cryptocurrency, it would be possible to instantly predict the origin of products. But as a result, the startup disappeared with millions of dollars raised on the crowdfunding platform.

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How tough is it to code a blockchain?